Callouts & quotes from 37,061+ activist slides

"Tegus conducted an interview of a former LSPD executive who was with the Company for more than 5 years, leaving in 2019. The executive expressed issues with early acquisitions such as POSIOS, SEOShop and Gastrofix."

"Abbott spent almost a decade trying to solve the pharmacokinetic and bioavailability issues in the program and couldn't, illustrating the severity of the problems in the H3 class – “this was no surprise to anyone.”"

"Bioprojet “just stuck with the first compound that they got” – suggesting that Bioprojet didn’t even properly understand their own molecule vs. J&J which “did a hell a lot of chemistry around the templates we had.”"

"Other industry players recognize that PetIQ likely undertook the acquisition not for the sake of the veterinary business itself, but to gain access to direct relationships with manufacturers – Merial in particular."

"The fact that each independent director signed off on a letter full of purposefully misleading statements and accusations has made us more certain than ever that significant change is needed on Phillips 66's Board."

"ZJK claims to have a collaboration with Nvidia to manufacture liquid cooling systems, and is an “approved vendor”. Our evidence shows that this is false – there’s no connection whatsoever between the two companies."

"QTT has not denied the accuracy of the ad distribution in our sample. Instead, QTT used a series of qualified assumptions to imagine a scenario that could create a skewed distribution of ad traffic on its platform."

"We would argue that QTT's business model is inherently reliant on fake user growth and fake traffic, as monetary incentives replace genuine engagement; how many real DAUs would QTT retain if it stopped paying them?"

"Elliott indicated that it is open to collaborating with the Board on a path forward, but absent alignment Elliott intends to move expeditiously to give shareholders a direct say on the necessary leadership changes."

"I think it's important that the iconic brands in our country be strong. You know, you're not guaranteed a spot at the table. You have to fight for that spot at the table and you have to perform and everything else."

"If the customer has not even been identified, how can the sales process have been started? It can't, and better fits the definition of a daydream: “a pleasant visionary usually wishful creation of the imagination.”"

"With insufficient light source stability and brightness, "you’ll get a frame where there’s just not enough light and uniformity...you’re going to have dark area and that’s going to cause a false defect to show up.""

"We expect the Board to respond promptly and on a public basis to our formal shareholder proposal by confirming by no later than 6PM JST on 26 April 2024 that the Advisory Resolution will be added to the AGM agenda."

"When you are able to draw up a summary of the foregoing proceedings, then you will surely realize that, in point of fact, you have had the good fortune today of confronting specialists in corporate law. — Mr. Klein"

"Negotiations were led by a conflicted Xerox CEO, who betrayed shareholders by "serv[ing] as a loyal agent of the acquirer" in "a process that ignore[d] other bidders" and was conducted without a proper market check"

"Negotiations were led by a conflicted Xerox CEO, who betrayed shareholders by "serv[ing] as a loyal agent of the acquirer" in "a process that ignore[d] other bidders" and was conducted without a proper market check"

"Coulombic efficiency and capacity vs cycle graphs should use reasonable y-axis scales. For instance, Coulombic efficiency should not be reported on a y-axis scale of 0-100% but rather 90-100% etc. — Joule checklist"

""Being an S&P 500 company is a validation of absolutely nothing, and can be a wasteland of corporate mediocrity. The bigger the Company, the worse the research is from sell-side analysts. Buyer beware!" — Ben Axler"

"Government issued a Subpoena with thirty-two requests—ranging in subject matter from quality control policies, to scientific studies, to coverage and reimbursement by federal and state healthcare — iRhythm petition"

"“likely to be a very exaggerated amount” — UAE Health Ministry official; “something fishy” — Abu Dhabi Department of Health executive; “seemed less than straightforward” — Person with knowledge of land lease terms."

"ANTA executives frequently refer to this arrangement as a “left hand-right hand relationship” (“左手跟右手的关系”), with ANTA the ListCo being the “right hand”, and the distributors being the “left hand” — ANTA Executives."

"“There's just not good medical backing behind some of the Hers categories...The women's space is very different than the men's space; it is very crowded.” — Spruce Point Interview With Former HIMS Product Executive"

""...operating priority is simply execution...I use data to drive decisions, I set clear targets...I set the competitive benchmarks and I continuously raise the bar." — May 2, 2013 Investor Day said by Ellen Kullman"

""We achieved our shareholder distribution target, returning $13.6 billion to shareholders through dividends and share repurchases from July 2022 through year-end 2024." — Phillips 66 CEO Mark Lashier, April 7, 2025"

"we allocate the contract transaction price to each performance obligation using our estimate of the standalone selling price ("SSP") of each distinct good or service in the contract. — Axon's accounting disclosures"

"On the Q2'18 conference call, management said that Waterpik growth was still skewed towards domestic over international. Total domestic consumer revenue from acquisitions fell from $67.9m to $61.7m — CHD Financials"

""We achieved our shareholder distribution target, returning $13.6 billion to shareholders through dividends and share repurchases from July 2022 through year-end 2024." — Phillips 66 CEO Mark Lashier, April 7, 2025"

"「P2とは、修理してから、ペリクルを貼り付ける前の段階で、『P3』とは、ペリクルを貼り付けた後の段階です。…レーザーテックは、その開発に取り組んでいると言いますが、KLAが完成した技術です。すべての工学的歪みを補正して、画像を合成するわけです。たいへんな仕事でした。開発のために10年もかけました。結果としてその技術が完成されて、KLAが競合優位になり、P1市場を支配しています。」 — KLAで極端紫外線マスクを担当した元幹部"

"“across the three machines, we’d have daily issues” — Field service engineer. “it’s basically like a flickering candle” — Ex-field engineer. “Lasertec causes a lot of headaches for their end user” — Ushio engineer."

""The less time that [the auditor] had available to audit our books and records, the easier it was for us to dupe them into issuing clean audit opinions on our falsified reports." — Sam Antar, former Crazy Eddie CFO"

"It is almost amazing anyone would claim that “holds itself to the highest standards of corporate governance, transparency, and integrity” with a straight face under these circumstances. — IQE response to ShadowFall"

"The executive stated that MPLN's most profitable type of user tends to utilize the Data iSight functionality only, without involving MPLN's negotiations team, thus eliminating almost all human intervention by MPLN."

"Under the 2020 Employee Stock Purchase Plan (the "ESPP"), we are authorized to issue up to 200,000 shares of common stock to our employees, of which 3,859 had been issued as of December 31, 2020 — Heska 2021 Proxy."

"“distributors can make it [to President's Team] even faster today than we did [that is, faster than three years].” — John Tartol, Herbalife board member. “More Money Than You Can Imagine.” — Herbalife testimonials."

"This is a fact of organ transplant. All aviation and logistics transport are fully reimbursed through the same mechanism of organ acquisition...there’s no limit...there is no limit. — CEO of TransMedics (2023 call)"

"“40% of our patients deteriorated and then required mechanical ventilation”; “six of eight patients required intubation…five out of eight developed pulmonary hypertension.” — 2021 paper on diazoxide safety outcomes"

"“the actual active drug smelled a bit, and it smelled differently from the placebo...and the message went around, and people could tell that it was the active drug.” — Trial investigator, key opinion leader for PWS"

"there was a clear and direct correlation of pitolisant exposure with QTc prolongation. At supratherapeutic doses, QTc increases greater than 10 msec are anticipated — FDA CDER Clinical Pharmacology Review, Dec 2018"

"SRFF is Sichenzia Ross Ference, a law firm whose partner Darrin Ocasio was also involved in several other Doug Cole companies, including fraud Longwei Petroleum, AV Therapeutics, China Chemical, and Drinks Americas"

"Included in ERP implementation costs in 2023 are employee benefit costs of $22.5 million ($13.8 million in 2022). Other than employee benefit costs, costs relate mainly to professional fees. — Annual Report Dec '23"

"The robust strategic review did not, however, result in a definitive offer at a price that offered a superior alternative to the long-term stockholder value potentially created by Intermex's current business model"

"Moe Tassoudji is Nuvei’s VP of North American eCommerce. We believe his biography on Nuvei’s website is terse. A prior website version provided member’s LinkedIn profiles, while Mr. Tassoudji does not provide one."

"Genius currently trades at a premium to peers on a sales and EBITDA multiple basis while generating significantly lower margins than peers and below average projected revenue growth to online gaming and B2B peers."

"To grow margin, we have to incorporate innovation, which is a really difficult hill to climb. We can do it in pieces and parts, but there are not a lot of super large opportunities to expand margins in that space."

"How could it not predict the outcome? With net losses projected to be ~$270m in the first nine months through Sept 30th and seeking funds through an IPO, how could GFL argue that a $15m settlement wasn’t material?"

"WTRG's debt has exploded to over $6.8 billion, and it has raised more than $10 billion of total capital. Investment banks make plenty of fees from companies such as WTRG that are highly dependent on raising money."

"We believe the basis for Generac's clean energy business promotion is to deflect attention from its core generator business, which the Company once admitted in an investor presentation are "Legacy Growth Drivers.""

"Spruce Point finds managements’ promotion, and the market’s hype, regarding a potential uplisting unlikely to be realized, as ABML does not meet the listing requirements set by either the NYSE or Nasdaq exchanges."

"Interestingly, management appears to treat the "gift" as a component of COGS (and capitalizes some costs in inventory) rather than as part of compensation expense in SG&A, thereby inflating GPU by adjusting for it"

"We note that, interestingly, this decision came just as Ally’s auto finance president and DriveTime/Carvana supporter Tim Russi resigned from Ally in April 2018, shortly after DriveTime’s losses reportedly surged."

"Starboard believes Mr. Stout’s deep knowledge of the intellectual property industry, his role in the success of NTP, and his extensive legal experience will enable him to provide invaluable oversight to the Board."

"Spruce Point expresses concerns with Lumen and Charter Communications' revenue quality. We observe that the ratio of accounts receivable and net contract assets to LTM revenues is materially above other customers."

"In these instances, the Company balances its fiduciary obligation to policyholders by reducing its management fee, tightening underwriting standards, and consequently slowing the growth of direct written premiums."

"PEN trades in line with more advanced and R&D-intensive medical device companies despite its weak IP, relatively low gross margins (even by the standard of 510(k) companies) and increasingly competitive landscape."

"As CEO, Lance Fritz has only been earning ~83% of a 200% potential annual incentive bonus (only one year above 100%). This is a low earn rate and significantly below the best-in-class railroad CEO average of ~155%"

"GoDaddy has significantly increased its Technology & Developments expenses over the last several years, but has seen revenue growth continue to decelerate, indicating a likely opportunity for cost rationalization."

"Although it wasn't obvious to many at the time, the dislocation in the stock price due to the scandal provided a great buying opportunity. With the passage of time, the strength of AmEx's business proved resilient"

"Our nominees are committed to protecting McDonald’s’ stakeholders from risks stemming from ESG failures and intend to curb current injustices surrounding the wage gap, animal cruelty and environmental degradation."

"Our nominees are committed to protecting McDonald’s’ stakeholders from risks stemming from ESG failures and intend to curb current injustices surrounding the wage gap, animal cruelty and environmental degradation."

"The Board wants to highlight the general uncertainty or the risks around the funding environment to scare shareholders. But if that's the case, why is Veritas comfortable levering the business to around 7x EBITDA?"